Nowadays, companies are focusing
not only on security solutions but also on security services. Among the
services, managed security service is rapidly gaining traction by covering 40%
of the security market in 2015. Managed security services help clients to
prepare for cyber-attacks by understanding and managing cyber exposure,
enabling them to make informed investment decisions and to put necessary,
cost-effective protection in place.

Explosive increase in cyber
threats is backed by factors such as increasing mobile and web usage and social
media, among others. Also, Internet of Things (IoT) is another major factor
that has invited various cyber threats at various sensors, terminals, and end
devices. Considering this, every sector has a wide scope for cyber security
requirement. Organizations are looking for integrated security solutions these
days to cater their various security needs through one platform for cost
benefits and to reduce complications. The aerospace, defense, and intelligence
vertical needs the most advanced cyber security solutions due to increasing
security need of the nations. E-governance, increasing concerns regarding
territorial security like military, navy, and economic has led the government
to think more seriously about cyber threats. Also, increasing demand for cyber
security has led the government to make about stringent cyber and IT laws,
legal and regulatory compliances, and data security.

Major driving factors for the
cyber security market are increasing strictness of government regulations and
evolving cyber threats, which are forcing organizations to focus more on cyber
security. Also, increasing mobile data usage, cloud usage, and digitization
contribute to increasing cyber security awareness. Increasing scope of BOYD at
workplace is also said to be driving the market on long-term basis. By
utilizing solutions such as data center as a processing and storage powerhouse,
data loss protection, data recovery management, leaks and hacking threats can
be reduced up to a very large extent. Furthermore, the advancements in virtual
machine isolation, client authentication, and secure opportunistic computing
are expected to facilitate the adoption of cloud computing, wireless security,
and data center, which in turn will boost the demand for advanced security
solutions in the coming years. However, lack of talented security professionals
in organizations is one of the major problems that have to be tackled.

MarketsandMarkets expects the
global cyber security Market to grow from $106.32 Billion in 2015 to $170.21
Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8%. In the
current scenario, North America is expected to be the largest market on the
basis of spending and adoption of cyber security solutions and services.
MarketsandMarkets expects North America to retain its position as the highest
revenue generator for the cyber security market during the entire forecast
period, while significant revenue growth is expected from Latin American and
Asia-Pacific regions.

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